Eric Balchunas Says Solana ETF Has 90% Shot

Key Points:

• Solana may lead SEC’s crypto ETF approvals, with staking integration talks already underway.
• Broad crypto index ETFs face July 2 SEC decision, with high approval odds predicted.
• MACD and RSI indicators show Solana gaining momentum, signaling possible continued short-term price strength.

Bloomberg ETF analysts suggest that the U.S. Securities and Exchange Commission (SEC) may begin approving altcoin-based exchange-traded funds (ETFs) as early as next month. According to a note shared by Eric Balchunas on X, fellow Bloomberg analyst James Seyffart stated that ETFs tracking broad crypto indexes could get approval by early July.

Multiple issuers, including Grayscale and Bitwise, have already filed applications with the SEC for ETFs that offer broad exposure to digital assets. The SEC is required to respond to these filings by July 2. Bloomberg Intelligence has placed a 90% probability on approval for Solana and Litecoin ETFs, while giving XRP ETFs an 85% chance.

Solana May Lead the Way in ETF Rollout

Solana-based ETFs may be among the first to gain approval if the SEC moves ahead with altcoin fund approvals. Balchunas posted that “get ready for a potential altcoin ETF summer with Solana likely leading the way.” This comes amid reports that the SEC has engaged with issuers to update registration documents for Solana ETFs.

These early conversations between ETF applicants and the SEC include the technical aspects of incorporating Solana staking into fund structures. 

“Conversations around the nuances of staking Solana in ETFs are getting underway,” he said. 

Meanwhile, the SEC has not made a final decision yet, and may rule on staking and Solana-based products later this year.

Staking and Active ETFs Also Under Consideration

The SEC is also evaluating applications for ETFs linked to assets like XRP, Solana, and Ethereum staking products. While no final date has been set for these, Bloomberg analysts noted that decisions could come by the end of the year. Some issuers are attempting to move the timeline forward using legal approaches. 

Nate Geraci, president of the ETF Store, commented on June 11 that the SEC “looks like it’s about to open floodgates on crypto ETFs,” calling this stage the final one before broader access to spot crypto trading through brokerages.

Market Outlook and Technical Indicators

Solana (SOL) traded at $166.15 as of press time, with technical indicators pointing to short-term upward momentum. The MACD indicator shows a recent bullish crossover, suggesting renewed buying interest. The histogram has turned positive, supporting the possibility of continued gains.

Moreover, the Relative Strength Index (RSI) currently stands at 55.90, moving up from oversold conditions. This indicates the asset is gaining strength without yet entering overbought territory, a level often watched by traders to assess price movement.

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